The $500M headline misses the real split.
Strategy was not a fresh half-billion Bitcoin buy last week. It raised about $2B by selling MSTR shares, kept most of that capital in cash, and used part of it to repurchase preferred stock. Its BTC stack stayed flat at 840,447 while the company built a $6.69B cash buffer.
BitMine moved the other way. Tom Lee’s firm added roughly $131M of ETH this week, taking its treasury to about 5.9M ETH and pushing closer to its 5% of supply target.
That is the signal worth watching. Strategy looks cautious near current BTC levels and is preserving balance-sheet flexibility. BitMine is pressing an ETH treasury strategy that leans on staking yield and the bet that institutional demand for Ethereum still has room to run.
